Binance suspends deposits and withdrawals over technical issues (2024)

FAQs

Binance suspends deposits and withdrawals over technical issues? ›

LONDON (Reuters) -Cryptocurrency exchange Binance has resumed withdrawals on its platform after technical issues affected spot trading, the company said in a tweet. leaving the page. said in a tweet, adding that the pause in deposits and withdrawals was a standard operating procedure.

Fellow Binancians, Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution.

Crypto withdrawals on Binance are back online after a temporary outage that was due to a "technical issue," according to a post on the exchange's X account. "The issue is now fixed and all crypto withdrawals on Binance are now back to functioning as usual," the post on the platform formerly known as Twitter, said.

Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors. For example, Binance may temporarily disable your account's withdrawals if you repeatedly send funds to a blacklisted address.

In early June, the firm suspended dollar deposits, saying the U.S. Securities and Exchange Commission's (SEC) "extremely aggressive and intimidating tactics" against the crypto industry had left banking partners reluctant to engage with the sector.

Users cannot withdraw USD without first converting it to stablecoins or another digital asset.

Oct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.

May 7 (Reuters) - Crypto exchange Binance said that it has resumed Bitcoin withdrawals after a brief closure due to a congestion issue. Binance had paused withdrawal of Bitcoin, the world's largest cryptocurrency, for more than an hour.

Cryptocurrency Is Not FDIC Insured

If a bank fails, the FDIC insures deposits. Investors should know that if their crypto exchange goes out of business, no government agency will make them whole. That's different from a bank, where the government insures funds up to account and institution limits.

Is Binance US suspending USD deposits and withdrawals? ›

Binance.US Will Suspend Deposits & Withdrawals of USDC via the TRON Network (TRC20) Following Circle's announcement that it will discontinue support for USDC on the TRON blockchain, Binance.US will suspend deposits and withdrawals for USDC via Tron (TRC20) after March 30, 2024 at midnight PDT / 3 a.m. EDT.

On November 21, 2023, US authorities convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

“Binance's and Zhao's willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security, and each of them has now pleaded guilty. Make no mistake: when you place profits over compliance with the law, you will answer for your crimes in the United States.”

In case your account is under restriction and the system does not display any restriction or option to submit an appeal, please contact Binance Support. 4. Click [Submit appeal] next to the suspended function to file an appeal.

Maintenance: Binance may temporarily suspend trading of a coin for maintenance or upgrades. Other reasons: Binance may also suspend trading of a coin for other reasons, such as if the coin is no longer supported by Binance or if there is insufficient trading volume.

“Binance's and Zhao's willful violations of anti-money laundering and sanctions laws threatened the U.S. financial system and our national security, and each of them has now pleaded guilty. Make no mistake: when you place profits over compliance with the law, you will answer for your crimes in the United States.”

If you cannot pass the verification, go to the Withdraw Crypto page and click [Withdraw appeal] on the alert, then submit the required documents. Alternatively, go to [Wallets] on the Binance app and tap [Spot] - [Withdraw].

The Platform does not support non-real-name-verified payment methods. The User's P2P function will be suspended for a minimum of 15 days if a non-real-name-verified payment method has been used.